Thirty-seven commercial banks have confirmed the reduction of fees for fast interbank fund transfers following the move of the National Payment Corporation of Vietnam (NAPAS) to halve the switching fees for local banks from Wednesday.

The fees for fast interbank fund transfers will be cut for the second time this year to promote cashless payments amid the rapid spread of the COVID-19 outbreak, the National Payment Corporation of Vietnam (NAPAS) announced on March 16.

Credit institutions have so far supported more than 44,000 COVID-19 affected customers following directions from the State Bank of Viet Nam (SBV), an official reported on Monday.

The Vietnam Bank Card Association, in collaboration with the National Payment Corporation of Vietnam (NAPAS) and seven commercial banks, launched the first domestic chip cards on May 28.

VietNamNet Bridge - Vietnam has a high percentage of internet and social network users, but the proportion of people making payments via internet remains very modest.

Under a proposal by the Ministry of Finance (MOF), the payment for cross-border services will be made through the national payment portal NAPAS, a unit belonging to the State Bank. 

More than 40 commercial banks are providing mobile payment services, while more than 90 million mobile transactions were made in the first nine months of the year, worth VND423 trillion.

While mobile payments are becoming more widely used in many countries, the service  remains unpopular in Vietnam, despite the high number of mobile phone subscribers.